Stay Informed & Focused! Focus Accounting And Financial Group News

ATO to further punish non-compliance with PAYG obligations from 1 July 2019

Now, the ATO has added another incentive for PAYG compliance. From 1 July, businesses that fail to comply lose the ability to claim the corresponding payments as a tax deduction. read more

5 year provision to carry forward unused concessional superannuation contributions

If you don’t contribute up to the concessional contributions cap amount in a financial year, you can carry forward the shortfall to contribute in up to the next five financial years, on top of the $25,000 cap for each of those years. read more

Company Tax and Franking Rate Changes Finalised for 2017-2018 Financial Year

This legislation brings in changes to company tax rates and by consequence, changes to the franking rate for dividends. These changes have been backdated to apply from 1 July 2017. read more

Federal Budget 2018-2019: Highlights for our clients

Federal Treasurer Scott Morrison's third budget has already been dubbed a 'Breadwinners' Budget by some, as it introduces a gradual lowering of income tax rates and temporary tax offsets for low and middle level income earners. read more

Top 5 Fringe Benefits Tax Black Spots

It is not safe to assume that what isn't reported to the Australian Taxation Office (ATO) isn't known or can't be known by the ATO. Their intelligence has been significantly increased with more data matching being done and audits are regularly undertaken. For example - by looking at your odometer readings and matching them to the business work schedule they can ascertain whether a car has been used for private purposes. read more

ATO Focus on Deductions

Will your tax return attract ATO focus on deductions you are claiming? read more

Now businesses with up to $10M turnover can access $20,000 instant asset write off

Businesses with up to $10 million in annual 'aggregate' turnover can now benefit from a $20,000 instant asset write off by purchasing and getting new assets operational by 30 June 2017. read more